USW Outraged by Ormet's Refusal to Pay Property Taxes [View All]

Union Questions Role of Investment Fund MatlinPatterson

COLUMBUS, Ohio--(BUSINESS WIRE)--Aug. 9, 2005--News from USW: The United Steelworkers (USW) today said that the Union is outraged at Ormet Corporation's decision to withhold property taxes owed to Monroe County for the second half of 2005 because the company's failure to meet its tax obligation will cause further harm in a community already reeling from the effects of an 8-month unfair labor practice strike at Ormet's two facilities in Hannibal.

"Ormet walked on its debts and obligations to our members when the company sprinted to bankruptcy court, and now the company is trying to steal from the loyal taxpayers of Monroe County," said USW District 1 Director David McCall. "Our Union is unequivocally dedicated to making sure Ormet pays for mistreating our members, our families and our communities."

The USW also revealed today that investment fund MatlinPatterson, currently Ormet's largest shareholder, has been linked to several companies that have, like Ormet, disputed tax assessments.

Duke Energy challenged the assessed value of 3 power plants in Mississippi in 2004 at the same time it was finalizing the sale of the plants to KGen Partners, a subsidiary of MatlinPatterson. <snip>

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